Finance and debt management

• Find out how much you owe

It may seem scary and you may not want to do it, but this is the first step to getting out of debt. Work out exactly how much you owe on each loan, card and overdraft and how far in arrears you are with household bills.

• Prioritise your debts

Rent, mortgage, secured borrowing, council tax, fuel bills income tax and VAT arrears take priority. If you don’t pay these you could have your fuel disconnected, lose your home or even go to prison.

Other debts such as unsecured loans, credit cards and overdrafts are not as high priority but there are still legal consequences for non-payment. These vary depending on whether you live in England, Wales or Scotland.

If you are not sure how to prioritise your debts or are feeling overwhelmed, you might find it helpful to contact the National Debtline on 0808 808 4000, or read the advice on their website 

• Seek specialist help

It’s particularly important to seek advice if you are a partner or otherwise financially linked to a problem gambler. You need to find out whether you are jointly liable for any of the debts or if only the gambler is liable.

Free, independent money advice is available from organisations including:

• National Debtline – 0808 808 4000, www.nationaldebtline.org
• Money Advice Service – 0300 500 5000, www.moneyadviceservice.org.uk
• Citizens Advice – www.citizensadvice.org.uk
• StepChange – 0800 138 1111, www.stepchange.org/
• PayPlan – 0800 280 2816,  www.payplan.com/gamcare/

Some profit-making debt management companies also offer money advice and access to debt solutions, but be aware that there may be a fee if you then choose them to manage a debt solution for you. Make sure any charges are made clear in advance.

Hopefully if you’ve stopped or cut down on gambling, and have started managing your money better, you’ll be able to start saving. It’s important to do your research. Picking an account that has a notice period such as a month or longer, may get you higher interest rates and act as an added deterrent if you are tempted to withdraw the money for gambling.

Some people find that finally having money in the bank is difficult, and the urge to gamble again is overwhelming. It can help to prepare in case you do start to feel like this. Plan a reward for yourself when you have saved a certain amount or gone a certain length of time without gambling.

It can help to have a source of support for when you feel compelled to gamble. Remember you can talk to us 24 hours a day, or join the Forum or chatroom to connect to others experiencing similar situations.

Try a calculator such as the one at http://www.turn2us.org.uk or www.entitledto.co.uk to find out if there are any benefits or tax credits you could qualify for.